<h1>Union Budget 2016-17: New Taxes on Services, Dividends, Luxury Cars, E-commerce; Finance Act 1994 Amended.</h1> The Union Finance Minister announced several tax proposals in the General Budget 2016-17, including a Krishi Kalyan Cess of 0.5% on all taxable services to fund agricultural improvements and farmer welfare. A 10% tax on dividends exceeding Rs. 10 lakh was proposed, alongside increased surcharges for high-income individuals. An Equalization Levy of 6% was introduced for foreign e-commerce companies. Additional measures included a 1% tax on luxury car purchases over Rs. 10 lakh, infrastructure and Clean Environment Cess increases, and higher excise duties on tobacco products. The Finance Act 1994 was amended to classify spectrum assignment as a service subject to service tax.